Memos tell you more about how a person thinks, provide depth of insight, and lead to productive meetings.
Normalize written memos!
There’s no shortage of great ideas and opportunities, just a shortage of people willing to put in the effort to capitalize on them.
Ideas are cheap, execution is expensive.
The best way to stand out from the crowd is to be a doer.
Talkers talk. Builders build.
Life gets so much better once you realize you can learn from literally anyone.
No one is too old, young, rich, poor, etc. to teach you something new.
I’ve learned way more from a conversation with my Uber driver than on a zoom call with some famous Twitter gurus.
Way more people should become students of history.
The smartest and most successful people I know share one trait in common—they are all history buffs.
Why?
History may not repeat itself, but humans definitely do.
If your smart friends are talking about something that sounds crazy to you, you should pay attention.
I’ve ignored this signal on two occasions:
• Bitcoin (2013)
• NFTs (BAYC)
Both cost me a lot of money.
I’ll never make that mistake again, and I suggest you don’t either.
The sunk cost fallacy is the biggest driver of wasted potential.
So many people stay in careers they aren’t cut out for because of the sunk cost fallacy—they think that the foundational years will be a waste if they make a change.
You get one shot. View your career objectively.
Build something sexy for show, but something boring for dough.
Entrepreneurs obsess over building something complex and highly interesting, but that’s where all the competition is. It’s fierce.
Build something complex and boring if you want to optimize for creating real wealth.
Ok…that’s all for now. I’m now three whiskeys deep and I have a steak calling my name.
Follow me @SahilBloom for more—hopefully semi-coherent—thoughts in the future.
Much love!
I’m taking a bunch of shit from friends and @ParikPatelCFA for being a lightweight…
I don’t eat until dinner on Sundays. You try drinking two whiskeys on an empty stomach and remaining sober. Good luck.
And for everyone asking, here was the whiskey of choice this evening:
Kentucky Owl 10-Year Rye
Oaky, nutty—really, really good.
By the way, I’m not saying any of these takes are *correct* or *definitively true*—just my off-the-cuff perspectives on a variety of topics.
I welcome disagreements. I’m always ready and willing to change my mind on things when presented with good faith counterarguments.
And here was last week’s Whiskey Ramblings for anyone interested in going deeper down the rabbit hole…
I think there are multiple $1B+ business opportunities in providing financial services specifically catered to non-W2 employees.
Here’s my rationale and vision:
In traditional financial services, W2 income reigns supreme.
As a bit of history, the use of the Form W-2 was first established by the Current Tax Payment Act of 1943 as part of an effort to withhold income at the source.
The first Form W-2s were issued to employees in 1944.
The W-2 became the primary source of truth for information about an employee's income.
Financial services infrastructure was built around this source of truth.
In particular, loan underwriting—for mortgages or personal loans—became heavily reliant on stable, growing W2 income.
If you want to start a business but you’re struggling to come up with a great idea...
Here’s a tactical approach for idea generation:
This approach leverages one of my favorite business frameworks:
Clayton Christensen’s Model of Disruptive Innovation
In simple terms, it says that innovators can win market share by serving a segment of the market that is over or underserved by the big incumbent’s offering.
Basically, upstarts can win market share by serving one sub-segment of a big market extremely well.
Provide the exact level of product/service needed and use it as a wedge to expand.
Ok, now let’s get tactical.
Here’s how you can use the framework to generate business ideas:
In the latest episode of Where It Happens, Eight Sleep founder @m_franceschetti tells us the crazy story of being rejected from YC twice and how he finessed the system to win.